A combination of increased mining activity and a jump in tree-changers has reduced the number of available rental properties in Mudgee, agents are reporting.
Director of The Property Shop Andrew Palmer said there are considerably less vacant rental properties now then in the first half of the year.
“There’s a perception that there is a lot of property to rent probably because there has been but since June a lot of that property has been taken up,” Mr Palmer said.
“An increase in mining activity has brought quite a few people into town. That’s in addition to other people moving to town for a tree change – people in government jobs, those in the medical profession, police, teachers.”
A check of property search site Domain found 72 rental properties listed for rent in Mudgee.
Of those there were just three one-bedroom properties, 12 two-bedroom properties with the remaining three, four and five-bedroom properties.
Mr Palmer said The Property Shop has no one or two-bedroom properties available for rent on its books while there are just three four-bedroom properties and about half-a-dozen three bedroom homes.
“Overall the volume has certainly dropped from 140 to 150 houses down to about 80 and those are listed with multiple agents listed two or three times.”
He said rental patterns have changed in the last six months.
“People have stopped moving around. In a typical month you usually have a certain number of vacates, we’re not seeing that.
“The sales market is strong across the board and we’re starting to see buyer interest in house and land packages and investors are starting to come back.”
While occupancy rates are up Mr Palmer said the market would not see a rental crisis as was the case in 2012.
Source: Elle Watson, Mudgee Guardian, 19 November 2015
Link: https://www.mudgeeguardian.com.au/story/3493196/number-of-rental-vacancies-down-in-mudgee/